XRP price shows potential for a rebound as network activity hits unprecedented levels. Weekly active addresses surged to 1.15 million—a record high—signaling heightened trader interest. Despite this, XRP struggles to gain momentum at $2.19, down 6% in 24 hours. Could rising market activity fuel a recovery?
Key Metrics Suggest Growing Trader Interest
Record-Breaking Active Addresses
- Santiment data reveals 1.15M weekly active XRP addresses, indicating peak network usage.
- Transaction volume spiked to $5B in 24 hours (per analyst Scott Melker).
- Wallet activity surged 600%, reflecting intensified market participation.
Short Sellers Amplify Pressure
- Negative funding rates on Coinglass highlight increased short positioning.
- Risk of a short squeeze if XRP price rebounds, forcing rapid position closures.
Technical Analysis: Critical Levels to Watch
Support and Resistance
- Current Support: $2.14 (multi-month level).
- Key Resistance: $2.60 (must break for upward momentum).
Indicators
- MACD: Bearish crossover suggests further downside.
- Stoch RSI: Oversold conditions may trigger reversal.
FAQs: Addressing Top XRP Investor Queries
1. What could drive an XRP price rebound?
Rising network activity and dip-buying could catalyze recovery, especially if whale accumulation increases.
2. How significant is the surge in active addresses?
It signals heightened trading activity and potential whale interest—often a precursor to price movements.
3. Could XRP drop below $2?
Yes, if selling pressure continues and buyers fail to defend $2.14 support.
Strategic Takeaways for Traders
- Monitor $2.14 support for potential bounce or breakdown.
- A breakout above **$2.60** could target $3+.
- Watch for sustained network activity as a bullish indicator.
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Disclaimer: This analysis reflects market conditions at publication time. Conduct independent research before investing.